In a surprising twist from Washington, U.S. Treasury Secretary Scott Bessent is reportedly considering an exit from the Trump administration following new "reciprocal tariff" measures announced by President Trump. This move has raised concerns worldwide, as markets grapple with the possibility of heightened global trade tensions.
On MSNBC's Morning Joe, contributor Stephanie Ruhle shed light on Bessent's growing isolation within the administration. Once a hedge fund manager, he now appears determined to salvage his credibility, with some speculating that a future at the Federal Reserve could be on the horizon. His apprehension centers on a recent policy that imposes a 10 percent baseline tariff on nearly all foreign goods—a step he warned could destabilize markets further.
The aggressive tariff strategy has sparked a spirited debate among economists and global policymakers. Major indices, including the Dow Jones and Nasdaq, experienced some of their harshest declines since 2020, underscoring the fragility of the current economic climate. Bessent's earlier comments downplaying the tariffs as mere price adjustments have drawn criticism, with experts arguing that such measures disproportionately impact vulnerable populations reliant on affordable imports.
As the story develops, Bessent's potential departure underscores deep-seated tensions within the administration and hints at broader shifts in U.S. trade policy. For a globally connected audience, these developments serve as a vivid reminder of how policy decisions in Washington can reverberate across markets and affect everyday lives around the world.
Stay tuned as this dynamic saga unfolds, offering fresh insights into trade policies that continue to shape our interconnected economic landscape.
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U.S. treasury secretary mulls exit following tariff backlash: media
cgtn.com
